Bank Owned Homes Offering Ever Deeper Discounts
Filed Under Bank Owned |
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I’ve been saying it and I’ll keep saying it. The best deals in today’s market are REO or bank owned properties. Witness this story:
Back story: Earlier this week I blogged about a foreclosed house that had been reduced 57% in price from its peak sales price to its current asking price. In response, commenter “E” maintained that 57% was no big deal and that he could easily find a foreclosed house discounted 75% or more. Taking up the challenge, I responded that if he could find the house, I would drive over and take a picture of it. No slouch, “E” quickly found this listing from Redfin.com.
So about two hours ago I motored over to Highland Park and shot the picture you see. By my math, the house is being offered at a discount of 77% from its peak sales price, but it’s a listing that raises a few questions. I’ll explore them below.
from the LA Times blog.
Its a fact the most motivated sellers are banks, period. After working on both sides of the transaction as many time as I have I can tell you that moving these properties is an urgent matter for lenders. Look for a free course from me on this site about how to find, negotiate, and profit from bank owned (REO) property in the coming weeks.
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